Fundamentals of Accounting MCQs and Notes
R
Q 41. Which of the following term is applicable about consignment?
A
Q 42. What is the nature of joint venture with co-venture account?
G
Q 43. In a joint venture X and Y sharing p rofit and loss equally, X purchased goods costing of 40,000 and Y sold the goods for 50,000. X is entitled to get 1% commission on purchase and Y is entitled to get 5% commission on sales, the profit will be
V
Q 44. Which of the following will result in disagreement of Trial Balance?
R
Q 45. Goods bought for 25,000 passed through sales day book will result in
A
Q 46. When opening stock 50,000; closing stock 40,000; purchases 1,90,000 profit margin is 16.67% on sales, the sales are:
G
Q 47. There are 100 members each p aying an annual subscription of 500. The Receipt and Payment account shows arrear subscription of 4,500, advance subscriptions 6,000 and current 44,500. How much amount to be credited in the Income and Expenditure account?
P
Q 48. Any income arising from special fund will be credited to
V
Q 49. Which of the following item is shown in the Receipt and Payment account?
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